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Goldman Sachs Group Get “Go Ahead” For SA Bank
This month the famous (or infamous, depending who you ask) Goldman Sachs Group have received the official ‘go ahead’ to open up a bank in SA.
Goldman Sachs are internationally known and have actually been busy in SA for over 20 years as wealth and asset management advisors. They are now looking to join others like Discovery Bank and Tyme Bank in moving fully into the SA banking space. Some people wonder if there is room for the Wall Street firm (see the picture of their world headquarters above) to successfully break into the SA retail banking market especially right on the heels of Discovery and TymeBank launching so recently.
The firm has also become members of the Johannesburg Stock Exchange in the interest rate and currency-derivatives market.
Where Others Fear To Tread
Other new banks like Bank Zero decided to hold back from a full launch late last year in view of several challenges and negative market factors. It is interesting to see this well known international brand (Goldman Sachs) are now ready to move into the SA market despite the looming Moodys downgrade and various other issues placing pressure on SA consumers (like Eskom rate hikes and rolling blackouts, minimal economic growth leading to massive retrenchments countrywide etc).
Reading Time: 1 minute One Friday evening this month, some Discovery Bank clients were horrified to find that their banking app suddenly showed they now had no money in their accounts. read more
Reading Time: 1 minute Discovery Bank Fix Credit Card Purchase Issues When making purchases online you will be asked to enter a CVV or credit Card Verification Value. This 3 digit number helps protect from fraudulent usage. For what appears to be several days … read more
Reading Time: 2 minutes Bank Zero Say The Time Is Not Right For Launch Bank Zero are one of 3 new banks which were scheduled to launch during 2019 but have decided to wait till next year before entering the market. Bank Zero have … read more
Reading Time: 2 minutes Discovery Begin Taking on New Clients in July Discovery Bank was officially launched last year but at first, decided to limit the number of clients they would take on to only 1000. This allowed them to test their products and … read more
Reading Time: 1 minute Capitec To Drop Fees Even Further With three new digital banks offering accounts with Zero fees the other SA banks are going to have to scramble to try to keep up. Capitec Bank is the first of the Big 6 … read more
Reading Time: 3 minutes Four New Banks To Begin Operations In 2018 3 brand new banks and a new look PostBank will begin operating in 2018. This means 4 new Debt Review departments that Debt Counsellors will be dealing with on a regular basis … read more